Low Rate Mortgage Offers Focus The Mind
People who managed to secure low rate mortgage offers are keen to complete their transaction before their offer expires. This has led to a rise in confidence that they will complete the purchase of thei property wihin three months, particularly in Wales, the South East and East Midlands.
According to OnTheMarket:
74% of active buyers in the UK were confident of completing within three months
82% of active sellers were confident tht they would sell their property within three months
60% of properties were Sold Subject To Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in October 2021
Their data shows that in the East Midlands, seller confidence rose by 8% in October, the highest in the UK which is despite predictions of property prices falling so it appears there is a pool of focussed buyers with mortgage offers who are keen to proceed.
At Bywater Herring, it remains true that a house that is well presented and well marketed at a realistic price will sell. Rock bottom interest rates ren't normal or sustainable and the new normal which is slowly starting to establish itself, is beginning to look a lot like the old one.
We might be in for a tough ride over the coming months but gradually the economy will begin to stabilise and house prices will continue to grow more slowly than the last couple of years.
According to OnTheMarket:
74% of active buyers in the UK were confident of completing within three months
82% of active sellers were confident tht they would sell their property within three months
60% of properties were Sold Subject To Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in October 2021
Their data shows that in the East Midlands, seller confidence rose by 8% in October, the highest in the UK which is despite predictions of property prices falling so it appears there is a pool of focussed buyers with mortgage offers who are keen to proceed.
At Bywater Herring, it remains true that a house that is well presented and well marketed at a realistic price will sell. Rock bottom interest rates ren't normal or sustainable and the new normal which is slowly starting to establish itself, is beginning to look a lot like the old one.
We might be in for a tough ride over the coming months but gradually the economy will begin to stabilise and house prices will continue to grow more slowly than the last couple of years.
Share this article
